Mr. Andrew Thomson reports

PALAMINA RECEIVES US$ 50,000 ADVANCE ROYALTY PAYMENT FROM WINSHEAR GOLD CORP

Palamina Corp. has received a $50,000 (U.S.) advance royalty (AR) payment from Winshear Gold Corp. The AR payment was due pursuant to a property purchase agreement signed and approved on Sept. 19, 2019, which outlines annual AR anniversary payments and a 2-per-cent NSR (net smelter return) royalty per project, subject to terms of the purchase agreement. In September of 2024, a $100,000 (U.S.) payment is due from Winshear to Palamina to maintain Winshear's Gaban and Ica claims.

Palamina currently holds 13,422,000 common shares and 1,321,000 warrants in Winshear, representing an 18.5-per-cent partially diluted share position. Winshear is advancing the Gaban gold project to the drill discovery phase in southeastern Peru, where a drill program is planned post a settlement or judgement in its arbitration case against the government of Tanzania. In February of 2023, Winshear concluded arbitration proceedings against the Tanzanian government to recover $95.5-million (U.S.) ($124.8-million) in damages for the expropriation of its SMP gold deposit in Tanzania. A judgement from the arbitration proceedings is expected to be rendered in 2023. Winshear has secured up to $3.3-million (U.S.) ($4.3-million) in arbitration financing from a third party in return for a time- and amount-dependent share of any recovered award. Any positive settlement or payment of judgement represents a non-dilutive financing to Winshear, to the benefit of its shareholders.

Further details of Winshear's Gaban gold project and arbitration proceedings can be found on Winshear's website.

About Palamina Corp.

Palamina has participation in eight gold projects in southeastern Peru, hosted within the Puno orogenic gold belt (POGB). Palamina is advancing the Usicayos gold project through the drill discovery phase. The company also has rights to the Galena silver-copper project in the Santa Lucia district. Palamina holds an 18.5-per-cent equity interest on a partially diluted basis in Winshear Gold Corp., which is advancing the Gaban gold project to the drill discovery phase. Winshear is awaiting a judgement after concluding its arbitration proceedings against the government of Tanzania in February, 2023, for the expropriation of its SMP gold deposit. Winshear is seeking $124.8-million for the loss of its investment in Tanzania.