Mr. Andrew Thomson reports

PALAMINA RECEIVES CDN$3,625,000 FROM RETURN OF CAPITAL TO WINSHEAR SHAREHOLDERS

Palamina Corp.'s equity/royalty partner Winshear Gold Corp. provided a return of capital of 25 cents per share on Dec. 8, 2023, to Winshear shareholders, resulting in a non-dilutive payment of $3,625,000 to Palamina. Palamina continues to own 14.5 million common shares of Winshear, representing 15.4 per cent of its outstanding shares.

"Post-Winshear's return of capital to shareholders, both Palamina and Winshear hold in excess of $3-million each to carry out meaningful drill programs in 2024. Palamina's Usicayos and Winshear's Gaban flagship gold projects are both located in the Puno orogenic gold belt, and fully permitted for drilling. Moving forward, Palamina retains a 14.5 million common share interest in Winshear, a 2-per-cent NSR [net smelter return] royalty on all Winshear projects and holds a significant land bank of gold projects in the Puno orogenic gold belt in Peru. Winshear's settlement with the Republic of Tanzania, and subsequent cash distribution to its shareholders, has left Palamina shareholders well positioned for success in 2024," noted Andrew Thomson, president of Palamina.

For details on Palamina's flagship Usicayos gold project, please visit the company's website. For details on Winshear's flagship Gaban gold project, please visit 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 a 15.4-per-cent equity interest on a fully diluted basis in Winshear Gold, which is advancing the Gaban gold project to the drill discovery phase.