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VANCOUVER, BRITISH COLUMBIA, June 8, 2023 – Lupaka Gold Corp. ("Lupaka Gold" or the “Company") (TSX-V: LPK, FRA: LQP) announces that it intends to complete a non-brokered private placement (the “Placement”), to raise gross proceeds of up to $120,000.

The Company plans to issue up to 2,000,000 units at a price of $0.06 per unit. Each unit consists of one common share of the Company and one common share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.10 for a period of three years from closing.

Insiders of the Company will be participating in the Placement. No finders’ fees are expected to be paid. The proceeds of the Placement will be used to fund property acquisitions and development expenditures, and general working capital.