Mr. Andrew Thomson reports

PALAMINA WELCOMES NEW VP EXPLORATION AND ADVISORS AS TEAM MEMBERS

Palamina Corp. has appointed Alvaro Fernandez-Baca as vice-president, exploration, and Hall Stewart and Jerry Blackwell as advisers to complement the company's discovery team in Peru. Palamina would like to thank Jerry Blackwell for previously acting as lead geologist and for his continued support in his new role as adviser.

"Palamina is pleased to welcome Alvaro Fernandez-Baca and Hall Stewart as new members of our team. Each brings a wealth of exploration experience and expertise that will be invaluable as we continue to advance our gold and silver copper projects in southeastern Peru," commented Andrew Thomson, president of Palamina.

The new team members include:

Vice-president of exploration: Mr. Fernandez-Baca, PGeo, has over 25 years experience in mineral exploration in Peru and globally. He graduated from the University of Edinburgh and started working in 1996 at the La Virgen gold deposit in northern Peru. Prior to joining Palamina, was vice-president, exploration, and general manager for Tinka Resources, leading the team that defined the large Ayawilca zinc-lead-silver-tin resource in central Peru. Before working with Tinka, he was exploration manager for Hochschild Mining and vice-president, exploration, and general manager for AQM Copper where he managed exploration of the Zafranal copper-gold deposit.

Technical adviser: Mr. Stewart, CPG, RG (Arizona), is a graduate of the University of Arizona with 30 years of experience in Latin America. Most recently Mr. Hall was chief geologist with Mithril Resources at the Copalquin project in Mexico. Previously Mr. Stewart and Michael Farrant (Palamina's current CFO) were co-founders of Puno Gold Corp., active primarily in the Santa Lucia district in Peru where Palamina has its critical metal focus. Hall was also co-founder of Commonwealth Silver and Gold Corp. where he managed exploration of the historic Commonwealth mine in Arizona. Mr. Stewart also acted as project geologist at the Ocampo and Palmarejo projects in Mexico. Coeur reports that in 2023 the Palmarejo complex represented 64 per cent of its silver production and 32 per cent of Coeur's gold production.

Pursuant to Palamina's stock option plan, a total of 1.1 million stock options have been issued to the company's new vice-president, exploration, and new adviser. The options issued to Mr. Fernandez-Baca are exercisable for five years and vest over three years at an exercise price of 15 cents, the options issued to Mr. Stewart are exercisable for three years and vest immediately at an exercise price of 15 cents.

About Palamina Corp.

Palamina has participation in eight gold projects in southeastern Peru hosted within the Puno Orogenic gold belt. 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 Corp. which is advancing the Gaban gold project to the drill discovery phase.