Mr. Andrew Thomson reports

PALAMINA TO RECEIVE NON-DILUTIVE CDN$3.35M NET PAYMENT FROM WINSHEAR GOLD ON RETURN OF CAPITAL TO SHAREHOLDERS

Palamina Corp. equity/royalty partner Winshear Gold Inc. has declared a return of capital of 25 cents per share to Winshear shareholders payable Dec. 8, 2023. Palamina holds 13,422,000 common shares and 1,321,000 warrants in Winshear and a 2-per-cent net smelter return royalty on all its projects in Peru. Winshear recently received a net settlement payment from the Tanzanian government in excess of $25.25-million over the expropriation of Winshear's SMP gold deposit.

"Palamina intends to exercise its in-the-money warrants in Winshear to hold 14,743,000 shares for a net non-dilutive payout in excess of $3.35-million. Both Palamina and Winshear are now well financed to carry out significant drill discovery programs on their flagship Usicayos and Gaban gold projects in the Puno orogenic gold belt in Peru. Both gold projects have the potential to host multimillion-ounce gold deposits," commented Andrew Thomson, president of Palamina.

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.

Palamina has 71,284,836 shares outstanding and trades on the TSX Venture Exchange under the symbol PA and on the OTCQB Venture Market under the symbol PLMNF.