Mr. Andrew Thomson reports

PALAMINA WINS WITH WINSHEAR US$30,000,000 SETTLEMENT

Palamina Corp's. equity/royalty partner Winshear Gold Inc. has received a settlement payment of $30-million (U.S.) from the Tanzanian government as compensation for the expropriation of Winshear's SMP gold deposit in Tanzania. Palamina holds 13,422,000 common shares and 1,321,000 warrants in Winshear Gold (representing an 18.5-per-cent partially diluted share position) and a 2-per-cent NSR (net smelter royalty) on all its projects in Peru. On Sept. 19, 2023, Winshear announced it had reached a conditional settlement agreement with Tanzania, where the full and final settlement payment of $30-million (U.S.) to settle the arbitration was received on Oct. 16, 2023. After paying financers and legal fees, the net amount payable to Winshear is estimated to be in excess of $25.25-million.

Andrew Thomson, president of Palamina, commented: "The $30-million (U.S.) settlement payment to Winshear gold provides Winshear shareholders compensation for the expropriation of the SMP gold deposit in Tanzania. Palamina is the largest shareholder of Winshear Gold, holding an 18.5-per-cent partially diluted share ownership. Palamina's Usicayos and Winshear's Gaban gold projects in southeastern Peru are both permitted to drill. We congratulate Winshear and Tanzania on reaching a settlement, and look forward to the drill discovery phase ahead. Palamina holds a 2-per-cent NSR on all of Winshear's properties in Peru."

Winshear is now well financed to advance the Gaban gold project through the drill discovery phase in southeastern Peru. Palamina has a drill at site at its Usicayos gold project where drilling is planned in the Cayos and Sol de Oro zones.

Further details of Winshear's Gaban gold project and further details on the conclusion of 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, which is advancing the Gaban gold project to the drill discovery phase.