LUPAKA GOLD CORP. A Peru-Focused Gold Developer March TSX.V: LPK Peru: LPK Germany: LQP

Transcription

1 LUPAKA GOLD CORP. A Peru-Focused Gold Developer March 2015 TSX.V: LPK Peru: LPK Germany: LQP 1

2 IMPORTANT CAUTIONARY STATEMENTS Qualified Person The technical information in this presentation, other than metallurgical and processing information, has been reviewed and approved by Julio Castañeda Mondragon, MAIG, the President of Lupaka Gold Peru S.A.C., a Peruvian subsidiary of the Company, and a Qualified Person as defined by National Instrument Mr. Castañeda has verified the scientific and technical information, including sampling, analytical and test data underlying the information or opinions contained in this presentation. The metallurgical and processing information in this presentation has been reviewed and approved by Roger Amelunxen, President of Aminpro Mineral Processing Ltd. of Canada and Chile, P.Eng with the APEGBC and a consultant to the Company, and a Qualified Person as defined by National Instrument Mr. Amelunxen was directly involved in handling all of the test work at Aminpro-Peru, and has verified the metallurgical and processing information contained in this presentation. The Crucero A-1 mineral resource estimates referred to in this presentation are disclosed in the technical report with effective date January 17, 2013, amended and re-stated October 22, 2013, titled "Technical Report for the Crucero Property, Carabaya Province, Peru", and prepared by Tetra Tech WEI Inc. and SRK Consulting (Canada) Inc. The Technical Report is available at under Lupaka Gold's profile. technical report dated April 16, 2012, titled "Technical Report on Resources, Invicta Gold Project, Huaura Province, Peru", and prepared by SRK Consulting (U.S.) Inc. ( SRK Technical Report ), which is available at under Lupaka Gold Corp's profile. The Invicta mineral resource estimates referred to in this presentation are disclosed in the technical report dated April 16, 2012, titled "Technical Report on Resources, Invicta Gold Project, Huaura Province, Peru", and prepared by SRK Consulting (U.S.) Inc. ( SRK Technical Report ), which is available at under Lupaka Gold Corp's profile. Quality Control and Assurance The analyses for this sampling campaign were carried out by Alfred H. Knight ( AHK ), an accredited independent laboratory, in Lima, Peru, exercising a thorough Quality Assurance and Control program (QA/QC). AHK labs is ISO/IEC 17025:2005 and ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007 accredited and compliant. Cautionary Note Regarding Invicta Production Decision The decision to commence production at the Invicta Gold Project and the Company s plans for a mining operation as disclosed herein (the Production Decision and Plans ) were based on economic models prepared by the Company in conjunction with management s knowledge of the property and the existing preliminary estimate of measured, indicated and inferred mineral resources on the property. The Production Decision and Plans were not based on a preliminary economic assessment, a pre-feasibility study or a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with the Production Decision and Plans, in particular the risk that mineral grades will be lower than expected, the risk that construction or ongoing mining operations are more difficult or more expensive than expected, the risk that the Company will not be able to transport or sell the mineralized rock it produces to local custom toll mills on the terms it expects, or at all; production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis according to and in accordance with NI Forward Looking Information and Regulatory Endnotes This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities regulations in Canada and the United States (collectively, "forward-looking information"). The forward-looking information contained in this news release is made as of the date of this news release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information. Forward-looking information in this news release includes all of the plans and expectations described above regarding the exploration and development of the Company s properties, including the commencement of planned mining operations at the Invicta Gold Project and the availability of cash generated from such operations, the use of proceeds from the Placement and estimates of mineral resources. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects, "is expected", "budget", "scheduled", "projects", "estimates", forecasts", "intends", "anticipates", or "believes", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved. The forward-looking information contained in this news release is based on certain assumptions that the Company believes are reasonable, including, that supplies, equipment, personnel, permits, required financing and local community approvals required to conduct the Company's planned exploration and development activities will be available on reasonable terms, that results of exploration activities will be consistent with management's expectations and that the Company will not experience any material accident, labour dispute, or failure of equipment and with respect to the planned mining operations at Invicta: that pre-production mine development can be completed in the time and for the cost projected; that the Company will be able to obtain required funding for expenses of the planned production; that mineralizations on the Invicta project will be of the grades and in the locations expected; that the Company will be able to extract and transport mineralized rock efficiently and sell the mineralized rock at the prices and in the manner and quantities expected; that permits will be received on the terms and timeline expected and that other regulatory or permitting issues will not arise; that mining methods can be employed in the manner and at the costs expected and that such methods yield the results the Company expects them to; and that supplies, equipment, personnel, permits and local community approvals required to develop and conduct the planned production will be available on reasonable terms. The Company s assumptions with respect to mineral resource estimates include all of the key assumptions and parameters on which such estimates are based, as described in the technical report referred to in this news release. However, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forwardlooking information. Such risks, uncertainties and other factors include, among others: all of the risks described in this news release; the risk that actual results of exploration activities will be different than anticipated; that cost of labour, equipment or materials will increase more than expected; that the future price of gold will decline; that the Canadian dollar will strengthen against the U.S. dollar; that mineral resources are not as estimated; unexpected variations in mineral resources, grade or recovery rates; risks related to shipping mineralized rock; the risk that local mills cannot or will not buy or process mineralized rock from the planned production for the prices expected or at all; risk of accidents, labour disputes and other risks generally associated with mineral exploration; unanticipated delays in obtaining or failure to obtain community, governmental or regulatory approvals or financing; and all of the risks generally associated with the development of mining facilities and the operation of a producing mine; as well as the risks described in the Company s annual information form, which is available on SEDAR at Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to not be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof. 2

3 PERU-FOCUSED GOLD DEVELOPER Commencing gold production in 2015 at the Invicta Gold project Josnitoro Gold Project exploration JV with Hochschild Mining near Las Bambas copper project in Apurimac 2 million oz pit constrained gold resource at the Crucero Gold project Strong Peruvian professional team and incountry experience Geographic balance and diversification Cash flow potential in As at October 31,

4 PERU STRONG MINING ENVIRONMENT Outstanding mineral exploration potential Government supportive of resource development and commodity export World Class Discoveries: Yanacocha, Pierina, Antamina World mining heavyweight jurisdiction (1) #2 in Silver #2 in Copper #6 in Gold Investment Grade Status bonds (Fitch, S&P and Moody s) Free Trade Agreements with U.S., Canada, China S&P recently raised rating to BBB+ Culture of mining (1) Source: Peruvian Ministry of Energy and Mines 4

5 PROVEN EXPLORATION ABILITY GROWTH IN TOTAL GOLD RESOURCES Moz Gold Equivalent Resource Estimates Growth Invicta Inferred (1) Invicta Indicated Crucero Inferred (2) Crucero Indicated 0.24 Moz 0.24 Moz 0.97 Moz 0.97 Moz Invicta in development with production planned in 2015 Invicta resource open to further gold exploration discoveries Moz 0.41 Moz 0.79 Moz 0.65 Moz 1.03 Moz 1.14 Moz 1.00 Moz (1) NI Technical Report for the Invicta Gold Project, Huaura Province, Peru, prepared by SRK Consulting, dated April 16, 2012 and filed on SEDAR. (2) NI Technical Report for the Crucero Property,Carabaya Province, Peru, prepared by Tetra Tech & SRK Consulting Independent Technical Report, dated October 2013 and filed on SEDAR. Crucero Pit-Constrained Resource Crucero and Invicta are 100% owned Crucero 2013 resource update based on 22,959m drilling Crucero resource entirely within A1 zone ten other anomalies undrilled 5

6 INVICTA GOLD PROJECT: MID-YEAR 2015 PRODUCTION PLANNED Permitted for Mine Operations Positive Cash-flow potential in 2015 Primary 1.2 km development in place Mineralization exposed in 200 m of crosscut 2014 Metallurgical testing >86% recovery (1) Note (1) - Lupaka Gold press release October 28,

7 INVICTA GOLD PROJECT: OVERVIEW Existing Federal Permit (EIA for mine operation) & Certificate of Mining (COM), closure plan, archeological certificate, water license, and community agreement Progress through 2014 & Q1 2015: Certificate Of Mining ( COM ) permit received Mine engineering and detailed 6-year production plan completed Metallurgical test work and flow sheet finalized Block model grades confirmed with bulk sampling Community engagement for operations Final EIA amendment proposal filed Explosives permits filed following construction/inspection of magazine Community support: Agreement in place for concession area Agreement pending for transport 7

8 INVICTA GOLD PROJECT 2014 METALLURGY UPDATE Recovery results October 2014 Recovery of metal in Concentrate Streams (%) Concentrate Au Ag Pb Cu Zn Fe Copper (Cu) Lead (Pb) Zinc (Zn) Global Recovery % 94.6% 96.8% 97.8% 95.3% 52.8% Flotation concentrate grades Table 2: Concentrate Grades Per Tonne Au Ag Pb Cu Zn Fe Concentrate g/t g/t % % % % Copper (Cu) Lead (Pb) Zinc (Zn) Note 1 Individual recoveries stated in the table values cannot be directly added to determine Global Recovery. Global Recovery includes all streams not reporting to tails. As an open circuit test, not all of the streams assayed were concentrates, some were tailings that under operating conditions will be re-circulated, get cleaned and ultimately report to the concentrate streams. The metallurgical test work and associated engineering was executed at the Aminpro Mineral Processing Ltd. laboratory in Lima on underground samples with assays ranging between 4-7 g/t Au, 54 and 103 g/t Ag, % Pb, % Cu and 1.3% Zn. Lab test work showed that the precious metals and Pb, Cu and Zn respond well to flotation. The Invicta concentrates are also not expected to incur charges for penalty elements, as values reported for As, Sb and Bi in the concentrates are below 0.03%. See Lupaka Gold press release October 28, 2014 for further information. 8

9 INVICTA GOLD PROJECT 2014 RESOURCE BLOCK MODEL Recent Sampling Confirms Block Model Atenea Vein Length Width Au Ag Cu Pb Zn Meters Meters gpt gpt % % % Footwall split Hanging wall split The mineral resource estimates referred to in this presentation are disclosed in the technical report dated April 16, 2012, titled "Technical Report on Resources, Invicta Gold Project, Huaura Province, Peru", and prepared by SRK Consulting (U.S.) Inc. ( SRK Technical Report ), is available at under Lupaka Gold Corp's profile. See press release of July 10, 2014 for further information. 9

10 INVICTA PRODUCTION STRATEGY Highest Grade Blocks Accessible through Existing Development (1) Invicta resource block model: Red blocks > 6 g/t Eq Au (1) Managements objectives based on internally generated geology and engineering estimates. Timeframes to commissioning of production may be extended based on metals prices, ability to finance, continued exploration success, permitting delays, contractor performance, and other factors beyond management control. 10

11 INVICTA GOLD PROJECT 2014 SAMPLING OF EXPOSED MINERALIZATION Results Confirm Block Model * ATENEA 3400 SW - footwall Split Width (m) Au g/t Ag g/t Cu % Pb % Zn % Weighted averages Length (meters) ATENEA 3400 SW - hanging wall Split Width (m) Au g/t Ag g/t Cu % Pb % Zn % Weighted averages Length (meters) * - see Lupaka Gold press release of July 10,

12 INVICTA GOLD PROJECT RESOURCE BLOCK MODEL & PRODUCTION SCHEDULE Resource Block Model Mineralization Accessible from Existing Infrastructure * Invicta Elevation Tonnes Width Au Ag Cu Pb Block Model m T m g/t g/t % % , , , , , Total 660, Excellent exploration opportunities, resource could increase as development provides access to high-grade intercepts 1,200 meters of existing primary development and haulage tunnels Mine development intersects highest grade areas within the Atenea Vein Value of resources is ~73% Gold and ~27% Copper Multi-phased mesothermal Au-Ag and base metal mineralization * - see Lupaka Gold press release of June 19,

13 INVICTA GOLD PROJECT 13

14 INVICTA UNDERGROUND WORKINGS INTERSECTING THE HIGHEST GRADE AREAS WITHIN ATENEA VEIN Primary Development 1.2 km adit 14

15 INVICTA GOLD PROJECT REPRESENTATIVE ATENEA VEIN CROSS-SECTIONS Atenea Vein 1) Up to 25 meters thickness 2) Continuous along strike 3) Open at depth 15

16 LUPAKA S PRODUCTION STRATEGY Existing Development (1) Existing Development: Primary haulage Ore drifts Cross cuts Over $15.0 million invested in mine development by previous owners (1) Managements objectives based on internally generated geology and engineering estimates. Timeframes to commissioning of production may be extended based on metals prices, ability to finance, continued exploration success, permitting delays, contractor performance, and other factors beyond management control. 16

17 LUPAKA S PRODUCTION STRATEGY Mining Method (1) Production Mining: Sub-Level Open Stoping (SLOS) Productive and cost effective method Used for the remainder of mine life Scalable for higher production tonnages Sub-Level Open Stoping Mechanized cut and fill (MCF) Used for initial development in ore Development Mining: Drift and Fill (D&F) Used for initial 12 months of production Used for wider than 10 m mineralization Same equipment and crews could be used for development and production (1) Managements objectives based on internally generated geology and engineering estimates. Timeframes to commissioning of production may be extended based on metals prices, ability to finance, continued exploration success, permitting delays, contractor performance, and other factors beyond management control. 17

18 LUPAKA S PRODUCTION STRATEGY Highest Grade Blocks Around Existing Adit (1) Invicta Elevation Tonnes Au Ag Cu Pb Zn NSR Block Model m t g/t g/t % % % $/t > , > , > , > , > , Adit > , Above adit Total 129, > , > , > , > , > , > , Below adit Total 157, (1) Management s objectives based on internally generated geology and engineering estimates. Timeframes to commissioning of production may be extended based on metals prices, ability to finance, continued exploration success, permitting delays, contractor performance, and other factors beyond management control. 18

19 INVICTA UNDERGROUND WORKINGS EXISTING INFRASTRUCTURE 19

20 LUPAKA S PRODUCTION STRATEGY (1) Current Status & Remaining Activities Completed Remaining (2) Resource block modelling Mining production schedule Conceptual engineering Contractor RFQ & site visits Permit/license preparation Community Engagement Metallurgical Testing Block Model confirmation Final EIA/License Amendment filed Final EIA/Licenses Received March 2015 Engineering & Mine Design Selection of contractors Process Plant secured April 2015 Production decision point Community agreement April 2015 Mobilization June 2015 Mine development July 2015 Process Plant Optimization June 2015 Production commencement July 2015 (1) Management s objectives based on internally generated geology and engineering estimates. Timeframes to commissioning of production may be extended based on metals prices, ability to finance, continued exploration success, permitting delays, contractor performance, and other factors beyond management control. (2) - All items staged and in process pending the securing of final processing option(s) TSX: TSX.V: LPK LPK Peru: LPK LPK Germany: LQP LQP 20

21 CRUCERO GOLD PROJECT CLASSIC OROGENIC GOLD DEPOSIT ECUADOR COLOMBIA Gold Belts of the Eastern Andean Cordillera and Sierras Pampeanas Balsas Bolivar Buldibuyo Pataz Parcoy Ongon PERU Huachón Sto. Domingo Madre de Dios Ananea Yani-Aucapata Antofagasta Beni BRASIL BOLIVIA Amayapampa Cebadillas Candelaria-Sucre Sra. Rinconada PARAGUAY The Crucero Project lies within the well established orogenic gold mining belt Carbonaceous siltstone and meta-sediment hosted with gold, arsenic, antimony associations Structurally controlled gold deposits Historic gold production OCEANO PACIFICO CHILE Incahuasi ARGENTINA Source: Y. Haeberlin et al. / Ore Geology Reviews 22 (2002)

22 CRUCERO GOLD PROJECT: STRONG MINING JURISDICTION 22

23 CRUCERO GOLD PROJECT GROWING DISCOVERY CURVE Gold Resource Estimates Growth Inferred Indicated 1.03 Moz 100% owned (2) Updated resource estimate 2013 (1). Pit constrained economics applied Orogenic gold deposit; strong structural control on mineralization Moz 1.00 Moz Resource estimate (1) contained on the A-1 zone only, with an additional 10 anomalies targeted for follow-up Pit Constrained Resource (1) Property at an elevation of 4,300 metres Metallurgical optimization test work: 2013 results confirmed gold recovery >80% (1) Total Crucero resource. October 2013 updated resource is capped and calculated at a cut-off grade of 0.4 g/t (30.9mm tonnes at an average capped grade of 1.01 g/t in the indicated category and 31.2 mm tonnes at an average capped grade of 1.02 g/t in the inferred category). NI independent Technical Report for the Crucero Property,Carabaya Province, Peru, prepared by Tetra Tech & SRK Consulting, dated October 2013 and filed on SEDAR. Please refer to the appendix for additional information on the resource estimate. (2) 5% NSR on A-1 only held by Compania de Minas Buenaventura Accessible by road, access to water, electric transmission lines within 8 kilometres of site 23

24 CRUCERO GOLD PROJECT: PIT-CONSTRAINED RESOURCE OCTOBER 2013 NI GOLD RESOURCE ESTIMATE (1) PIT-CONSTRAINED RESOURCE GRADE CONTAINED Category Cut-off (g/t) Tonnes (kt) Au (g/t) Au Cap* (g/t) Au (koz) Au Cap* (koz) Indicated ,919, ,111,494 1,003,041 Inferred ,201, ,146,219 1,027,806 Based on 22,959 meters drilled to Dec % of the original gold resource ounces in constrained pit Mineralization widely exposed at surface Significant exploration upside: A-1 structural corridor Existing infrastructure: roads, power within 8 kms, water Successful and sustainable community relations (1) Total Crucero resource. October 2013 updated resource is capped and calculated at a cut-off grade of 0.4 g/t (30.9mm tonnes at an average capped grade of 1.01 g/t in the indicated category and 31.2 mm tonnes at an average capped grade of 1.02 g/t in the inferred category). NI independent Technical Report for the Crucero Property,Carabaya Province, Peru, prepared by Tetra Tech & SRK Consulting, dated October 2013 and filed on SEDAR. Please refer to the appendix for additional information on the resource estimate. 24

25 CRUCERO GOLD PROJECT: DISTINCT HIGH-GRADE CORE (2) 1.0 g/t (1) Resource Capped (3) Cutoff Tonnes Au g/t Au g/t Au Oz Cap Au Oz Indicated 14,534, , ,748 Inferred 14,144, , , g/t Indicated 30,919, ,111,494 1,003,041 Inferred 31,201, ,146,219 1,027,806 (1) 1.0 g/t Cutoff results: Approximately 66% of uncapped gold oz contained in 46% of tonnes -- 43% increase in overall gold grade relative to 0.4 g/t cutoff. (2) Total Crucero resource. October 2013 updated resource is capped and calculated at a cut-off grade of 0.4 g/t (30.9mm tonnes at an average capped grade of 1.01 g/t in the indicated category and 31.2 mm tonnes at an average capped grade of 1.02 g/t in the inferred category). NI independent Technical Report for the Crucero Property,Carabaya Province, Peru, prepared by Tetra Tech & SRK Consulting, dated October 2013 and filed on SEDAR. Please refer to the appendix for additional information on the resource estimate. (3) Capped resource and grade shown at 17 g/t cap 25

26 CRUCERO GOLD PROJECT: INSENSITIVE TO GOLD PRICE WEAKNESS Gold resource based on gold price, Crucero Pit sensitivity summary Gold $/oz Tonnes Auoz ,957,202 1,637, ,835,882 1,677, ,972,536 1,758,361 Gold mined (oz)millions $600 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500 $1,600 $1,700 $1,800 Gold price $/oz (1) Total Crucero resource. October 2013 updated resource is capped and calculated at a cut-off grade of 0.4 g/t (30.9mm tonnes at an average capped grade of 1.01 g/t in the indicated category and 31.2 mm tonnes at an average capped grade of 1.02 g/t in the inferred category). NI independent Technical Report for the Crucero Property,Carabaya Province, Peru, prepared by Tetra Tech & SRK Consulting, dated October 2013 and filed on SEDAR. Please refer to the appendix for additional information on the resource estimate ,370,970 1,807, ,241,087 1,883, ,520,317 1,907, ,472,580 1,962, ,268,307 1,982, ,679,480 1,990, ,942,234 2,005, ,399,030 2,010, ,892,105 2,025, ,042,307 2,034, ,703,006 2,039,674 26

27 CRUCERO GOLD PROJECT: A-1 ZONE DISTINCT HIGHER GRADE CORE TSX: TSX.V: LPK LPK Peru: LPK LPK Germany: LQP LQP A-1 Zone mineralized envelope surface outcrop assay values imposed on photos 0.4 g/t 1.0 g/t 2.0 g/t Visible outcrop within red outline is >2.0 g/t gold mineralization A-1 Zone view looking north east View looking north east Mineralized outcrop >900 m in length 2 g/t surface outcrop >900 meters in surface strike length A-1 Zone view looking west View looking west Mineralized outcrop >150 m wide 2 g/t surface outcrop up to 150 meters in width 27

28 CRUCERO GOLD PROJECT: 28

29 CRUCERO GOLD PROJECT: CLASSIC OROGENIC GOLD STRUCTURAL SETTING EXPLORATION PLAN Detailed work along A1 structural corridor Extension along Northwest and Southeast of A1 Early fieldwork has A-8 A-7 A-1 A-11 A-6 A-3 Limbani Monzanite Stock A-5 A-4 shown promising results Ananea Carbonaceous slate/siltstone Regional structural trends Regional faults Aricoma Granite Stock 1 km 29

30 CRUCERO GOLD PROJECT: EXPLORATION STRATEGY -- A-1 STRUCTURAL CORRIDOR TSX: TSX.V: LPK LPK Peru: LPK LPK Germany: LQP LQP 30

31 JOSNITORO GOLD PROJECT: JV WITH HOCHSCHILD MINING PLC TSX: TSX.V: LPK LPK Peru: LPK LPK Germany: LQP LQP 600 km by road southeast of Lima Historical work has returned results of up to 7.74 g/t Au for chip samples and 33.6 g/t Au for trench samples Rotary drilling on the property totalling 2,856m 31

32 JOSNITORO GOLD PROJECT CLASSIC COPPER-GOLD PORPHYRY SETTING Central copper skarn Disseminated gold outer halo Gold hosted in quartzite and sandstones Copper skarn mineralization is related to the calcareous formation and associated with the diorite intrusion, which presents the typical garnet-wollastonite-baritesericite-magnetite-specularite assemblage, with economic Cu-Zn-Pb sulfides contents and important premium in Au 32

33 JOSNITORO GOLD PROJECT RIO ALTO S LA ARENA PROJECT COMPARABLE Both Josnitoro and La Arena are each characterized by two different deposit types Geochemical map showing targets beyond the porphyry Cu deposit. Minerals occur in disseminated gold hosted in sandstone and quartzite, and related to a Cu-Mo-Au deposit too. (Source: Rio Alto). Source: Rio Alto Mining Limited 33

34 JOSNITORO GOLD PROJECT HUDBAY MINERAL S CONSTANCIA PROJECT COMPARABLE Source: Hudbay Minerals Inc. 34

35 More than 50 years operating experience with five mines in Latin America Major precious metals producer, totalling 9.7 million silver equivalent ounces in H One of Peru s most successful and established mining teams Hochschild recognized Lupaka Gold s strengths in exploration and community relations 35

36 JOSNITORO GOLD PROJECT JV SUMMARY TERMS -- INVESTMENT IN THE GROUND Lupaka Gold acts as project operator with the option to earn-in to 65% of the project within a 8-year period. In order to exercise the option, Lupaka Gold must: Complete 10,000 meter diamond drill program Complete a preliminary economic assessment ( PEA ) Upon completion of a PEA, the 65%/35% joint venture would be established Other points: Hochschild may elect to buy back 30% of the Joint venture (raising their interest to 65%) by paying three times Lupaka Gold s incurred expenses plus a $2.0 million payment Cost projections of meeting the earn-in requirements are approximately $3.0 million for drilling 10,000 meters, $300,000 to prepare a PEA, and annual administration, permitting and community relations, for an estimated total of $5.0 million. 36

37 COMMUNITY RELATIONS IN PERU Overview Peruvian professional staff History of successful permitting Permanent year-round local presence Building long-standing commitment to a sustainable community economy Company Initiatives Staff veterinarians Medical clinic at site Dental Campaign Elementary school support Local community infrastructure Safety and environmental training Sustainable business support 37

38 MANAGEMENT TEAM EXPERIENCED, COMMITTED, FOCUSED MANAGEMENT Eric H. Edwards President and CEO Geologist with over 25 years in the mining industry. Most recently served as CFO of Andean Resources (sold to Goldcorp in December 2010 for C$3.6 billion) and CEO of Ventura Gold Corp. (sold to International Minerals in January 2010 for C$65 million) Darryl F. Jones (CA) CFO Mr. Jones is a CPA, CA with a wealth of experience in publicly-traded companies. Most recently he was CFO with Corriente Resources for 7 years and was a key member of the management team which negotiated and closed the May 2010 cash sale of Corriente to CRCC-Tongguan Investment (Canada) Co., Ltd for approximately $680 million. Julio Castañeda President, Peruvian Operations Geologist with more than 29 years of experience in exploration and exploration management. Former Regional Manager for Golden Minerals in Peru and Mexico. Held senior positions with Barrick and Hochschild s 38

39 BOARD OF DIRECTORS CANADIAN AND PERUVIAN BUSINESS VISION AND EXPERIENCE BOARD OF DIRECTORS Eric H. Edwards President and CEO Gordon Ellis (P.Eng, MBA) Executive Chairman Mr. Ellis has been involved with the mining industry and resource development for over 40 years. He is a former owner/manager of a geophysical exploration consulting firm and has held senior management and director roles for a number of publicly-traded mining exploration and development companies. The last two companies for which he was chairman were acquired by much larger firms in 2003 and John Graf (CPA, CA) Director Chartered Accountant and former independent Commissioner with the BC Securities Commission Norman Keevil III (P.Eng) Director Sits on the Board of Teck, the largest diversified mining, mineral processing and metallurgical company in Canada Jaime A. Pinto Director Owner of Estudio Pinto & Abogados law firm in Lima, Peru specializing in corporate finance and restructuring Luquman A. Shaheen (P.Eng, MBA) Director President and CEO of Panoro Minerals Ltd. Exploring and developing several copper projects in Southern Peru including the Cotabambas property. Stephen Silbernagel Director 35 year legal career, primarily in the areas of corporate and commercial law 39

40 CORPORATE INFORMATION Capital Structure (as at December 31, 2014) Share Price $ Week High / Low $0.25 / $0.07 Average Daily Volume (3 month) 70,000 Basic Shares Outstanding 92.5 million Warrants Outstanding (expire June 2014) 9.0 million Stock Options 9.2 million Fully Diluted Shares Outstanding million Market Capitalization $11.1 million Balance Sheet (as at December 31, 2014) Cash Debt $2.2 million Nil 40

41 SIGNIFICANT MILESTONES LOOKING FORWARD TO 2015 OBJECTIVE TARGET Invicta final production licenses received Q Invicta bulk sample mining Q Potential toll process certification Q Community agreement finalized Q Road improvement work initiated Q Process option finalized Q Mobilize contractors Q Commence development Q Commence commercial production Q

42 LUPAKA GOLD UNIQUELY POSITIONED FOR INVESTMENT UPSIDE Near term production Cash flow to fund exploration Exploration partnerships Cash balance Strong Peruvian expertise 42

43 INVESTOR RELATIONS Investor Relations Phone: Lupaka Gold Corp. Suite West Pender Vancouver, BC V6C 2V6 43