Mr. Andrew Thomson reports

PALAMINA COMPLETES FINAL TRANCHE OF PRIVATE PLACEMENT

Palamina Corp. has closed the second and final tranche of its non-brokered private placement offering previously announced on March 1, 2019. In this final tranche, the company raised a total of $152,200 for the issuance of 507,333 units at a price of 30 cents per unit. Together with the first tranche announced on March 1, 2019, the offering has resulted in aggregate gross proceeds of approximately $1,687,700.

Each unit consists of one common share and one warrant. Each warrant is exercisable to acquire one common share at a price of 50 cents for a period of two years after the date of issuance, provided that, if, after four months and one day following the closing of the offering, the closing price of the common shares on the TSX Venture Exchange is equal to or greater than 90 cents for 10 consecutive trading days, then the company may accelerate the expiry date of the warrants by disseminating a press release, and in such case, the warrants will expire on the 45th day after the date on which such a press release is disseminated.

Net proceeds of the offering will be used for general corporate and working capital purposes and to advance Palamina's gold projects in southeastern Peru in the Puno orogenic gold belt. All securities issued pursuant to the offering are subject to a statutory hold period ending July 30, 2019. The offering is subject to TSX Venture Exchange acceptance of regulatory filings.

About Palamina Corp.

Palamina has acquired the application and mining rights to five gold projects in southeastern Peru in the Puno orogenic gold belt (POGB), a silver-copper project in the Santa Lucia district and two copper-gold projects in southern Peru. Postcompletion of the final tranche of the financing, Palamina has 36,228,636 shares outstanding and trades on the TSX Venture Exchange under the symbol PA.

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