Mr. Andrew Thomson, a shareholder, reports

ANDREW THOMSON EARLY WARNING PRESS RELEASE

Andrew Thomson has filed an early warning report, advising that between March 13 and March 27, 2024, he purchased an aggregate of 77,000 common shares of Palamina Corp. at a price between 10 cents and 13.5 cents per share.

Immediately prior to the purchases, the acquiror had beneficial ownership, or exercised control or direction, both directly and indirectly, over (a) 6,038,302 shares; (b) 525,000 options; and (c) 394,000 warrants, representing approximately 9.2 per cent of the outstanding shares of Palamina on an undiluted basis and 10.7 per cent of the outstanding shares of Palamina on a partially diluted basis. Following the grant of options, the acquiror has beneficial ownership or exercises direction or control over, directly and indirectly: (a) 10,389,329 shares; (b) 1.3 million options; and (c) 970,000 warrants, representing approximately 11.4 per cent of the outstanding shares of Palamina on an undiluted basis and 14.1 per cent on a partially diluted basis.

The shares were acquired for investment purposes. The acquiror has a long-term view of the investment, and may acquire additional shares of the company either on the open market or through private acquisitions or sell the shares on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

This news release is being issued as required by National Instrument 62-104 (Take-Over Bids and Issuer Bids) and relates to the company, whose head office is located at 145 King St. West, Suite 2870, Toronto, Ont., M5H 1J8, and to the acquiror. A copy of the early warning report can be obtained at SEDAR+ under the company's profile or by contacting Mr. Thomson at 145 King St. West, Suite 2870, Toronto, Ont., M5H 1J8, telephone: 416-204-7536.