Mr. Andrew Thomson reports

WINSHEAR GOLD OFFERS TO RETURN THE GABAN GOLD AND ICA COPPER GOLD PROJECTS IN PERU BACK TO PALAMINA

On April 11, 2025, Palamina Corp. received notice from Winshear Gold Corp. that it has offered to return 100-per-cent ownership of the Gaban gold and Ica copper gold projects to Palamina as per the May 14, 2019, purchase and sale agreement. Palamina has advised Winshear that it intends to take back ownership of both projects. Palamina is conducting a review of the claim blocks for both properties and may only retain a portion of the claims.

Andrew Thomson, president of Palamina, commented: "We would like to thank Winshear for their work in Peru advancing these two projects. The Gaban gold project has seen a significant investment where a 1,005-metre inaugural drill program in late 2025 returned four metres of 5.04 g/t gold and 21 metres of 1.29 g/t gold in shales in the two southernmost drill holes in the Coritiri zone. The drill program was cut short due to the early advance of the rainy season where drilling did not intercept any quartz veins. Further drilling is warranted to test the main Coritiri mineralized zone to the west and to drill test the quartz vein system mined at the turn of the 19th century. The Coritiri zone is fully permitted for drilling. At the Ica copper gold project the most recent drone airborne geophysical survey has identified numerous follow-up target areas for exploration where no drilling has ever been conducted."

The Gaban gold project is in the Puno orogenic gold belt in southern Peru, approximately 80 kilometres northwest of Palamina's flagship Usicayos project. The project is easily accessible along the paved interoceanic highway. As with Palamina's Usicayos and Minera IRL's nearby Ollachea gold project, Gaban is hosted in metamorphosed Paleozoic sedimentary rocks and gold occurs in quartz veins and in shear zones likely developed during the Hercynian orogeny.

The Ica copper gold project is located approximately 50 km east of the city of Ica, a major city in southern Peru servicing Peru's agribusiness industry. The project is located within the Coastal iron-oxide-copper-gold (IOCG) belt, where multiple quartz-magnetite-pyrite-chalcopyrite plus/minus tourmaline plus/minus potassium feldspar veins and veinlets are being mined in small workings, and a small-scale copper-gold mine is in production on nearby third party concession.

Technical information

The technical information herein has been reviewed and approved by Alvaro Fernandez-Baca (PGeo), a qualified person as defined by National Instrument 43-101. Mr. Fernandez-Baca is vice-president of exploration to Palamina.

About Palamina Corp.

Palamina is an exploration company with a land bank of gold projects in the Puno orogenic gold belt in southeastern Peru. Palamina is adding value through drill discovery at its Usicayos gold project. Palamina also has an acquire and hold strategy with copper-silver assets in southeastern and northeastern Peru. Palamina retains a 15.4-per-cent equity interest in Winshear Gold Corp. Palamina has 71,634,836 shares outstanding and trades on the TSX Venture Exchange under the symbol PA and on the OTCQB Venture Market under the symbol PLMNF.

We seek Safe Harbor.