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Lupaka Gold receives $49.4M from Peru to unwind Invicta dispute
The payment equals 70% of the ICSID award, with Peru set to pay the remaining $21.2M by Dec. 31, after which Lupaka expects its first contingent value rights distribution within 30 days.
Lupaka Gold Corp. said it received about $49.4 million from Peru under a negotiated settlement tied to an ICSID arbitration award over disruptions at the company’s Invicta gold project. The payment represents 70% of the award, which was granted after the International Centre for Settlement of Investment Disputes ruled in 2025 that Peru was liable for failing to prevent protests that shut down Lupaka’s project in 2018.
Peru has agreed to pay the remaining roughly $21.2 million by Dec. 31, with interest accruing if the deadline is missed. In return, Lupaka agreed to seek suspension of enforcement proceedings and attachment orders against Peru and to refrain from pursuing further enforcement actions in multiple jurisdictions while awaiting the rest of the award.
Lupaka said it will prioritize repaying Bench Walk Advisors, which financed the arbitration, along with the firm’s contingent profit share. The company then expects its first eligible CVR distribution within 30 days, with the first payment based on remaining proceeds after specified deductions under the June 2022 CVR trust indenture, including fees, taxes, and an amount retained for working capital and corporate purposes.
The second CVR distribution is expected after Lupaka receives Peru’s final payment, and the company said it anticipates the second payment will be larger because many of the deductions are expected to be covered in the first distribution. Lupaka noted that the Invicta mine, about 120 km north of Lima, was forced to close after road blockades stopped operations in 2018.
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