Lupaka Gold Corp. (LPK.V) on Thursday said although the company fully expects the Republic of Peru to honour their obligations under the ICSID Convention and pay an recently issued award, it is taking immediate steps to collect the award proceeds.

In this regard, Lupaka in a statement said it has engaged an investigative agency to "identify worldwide assets of the Republic of Peru as potential targets for seizure".

Lupaka added: "Once the identification process is complete, and if the award payment has not yet been received, the company will pursue seizure of said assets through proceedings in the most appropriate jurisdictions utilizing the ICSID Award until such time as the full amount of the award and attendant costs are realized."

CEO Gordon Ellis said the company is hopeful that Peru will pay the amounts it owes shortly, adding it has the full support of Benchwalk, its funding partner.

In a background summary, the company noted it initiated an arbitration claim against the Republic of Peru in late 2019. The 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.

Subsequent to the award date, Lupaka noted 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, Thursday's statement said.

As of October 31, 2025, the amount payable was approximately US$67 million, which will continue to grow at an ICSID designated, compounded interest rate of UST plus 5% (which presently equates to near 9%), Lupaka added.