Mr. Andrew Thomson reports

PALAMINA ANNOUNCES PRIVATE PLACEMENT

Palamina Corp. will conduct a non-brokered private placement offering of up to six million units at a purchase price of 12.5 cents per unit for aggregate gross proceeds of up to $750,000. Each unit consists of one common share and one warrant. Each whole warrant is exercisable to acquire one common share at a price of 25 cents for a period of 24 months from the closing date.

Net proceeds of the offering will be used for further exploration of its project in Peru and general corporate and working capital purposes. The offering is subject to TSX Venture Exchange acceptance of regulatory filings. The company may pay finders' fees to eligible persons in accordance with applicable securities laws and regulatory policies.

About Palamina Corp.

Palamina has participation in nine gold projects in southeastern Peru hosted within the Puno orogenic gold belt (POGB). The company also has rights to the Galena silver-copper project in the Santa Lucia district and two additional copper-gold projects in southern Peru. Palamina holds an 18.5-per-centt equity interest in Winshear Gold Corp., which is advancing the Gaban gold project to the drill discovery phase. Winshear is also awaiting a judgment after concluding its arbitration proceedings against the government of Tanzania in February, 2023, for the expropriation of its SMP gold deposit. Winshear is seeking in excess of $130-million for the loss of its investment in Tanzania.

Palamina has 65,284,836 shares outstanding and trades on the TSX Venture Exchange under the symbol PA and on the OTCQB Venture Market under the symbol PLMNF.

We seek Safe Harbor.