Mr. Andrew Thomson reports

PALAMINA EXPANDS SILVER, COPPER, MANGANESE FOOTPRINT AT THE GALENA PROJECT

Palamina Corp. has completed an expanded soil and subcrop sampling program at its 100-per-cent-owned Galena silver-copper-manganese project using a portable XRF (X-ray fluorescence) analyzer. Palamina's second XRF sampling program was conducted to expand and further define the extent of the known mineralized zones.

Highlights:

• 730 samples collected on second XRF soil sampling campaign;
• Two distinct northwest-southeast mineralized coincident silver, copper, manganese anomalies have been delineated where the southernmost extends over three kilometres (km) by 1.5 km and both trends remain open in both directions;
• XRF values within the tertiary volcanics at surface graded up to 440 grams per tonne (g/t) silver (Ag), 0.6 per cent copper (Cu) and 2.7 per cent manganese (Mn).

Andrew Thomson, president of Palamina, commented: "Our expanded XRF soil sampling has provided further evidence of the presence of a large hydrothermal system in the Tacaza formation volcanic rocks, which overlie Cretaceous-aged limestone units at Galena. These XRF soil sampling results, together with prior rock sampling from the Rosa, Gris and Verde zones, support the existence of two strong geochemically anomalous trends. Further XRF soil sampling is under way to further define surface mineralization with a property-wide gravity survey planned. Palamina intends to drill test the highest priority CRD target areas to locate mineralization similar to the historic Santa Barbara mine and Berenguela deposits."

Manganese is the primary pathfinder element at Galena and at the nearby historic Santa Barbara and Berenguela CRD (carbonate replacement deposit) mines. Aftermath Silver Ltd. is currently advancing the Berenguela CRD deposit, which hosts a significant silver-copper-manganese resource and is being advanced to PEA (preliminary economic assessment) status.

Mineralization at Galena occurs along veins, fractures and within autobreccia matrix, all hosted in Miocene-aged Tacaza formation volcanic flows, breccia and tuff. Surface mineralization is accompanied by a low-temperature alteration assemblage consisting of opaline silica and Fe-Mn (iron-manganese) carbonates. This style of alteration and mineralization is interpreted to represent late remobilization of metal-bearing sulphides originally hosted by the underlying Cretaceous-aged limestone, which also hosts the CRD mineralization at Berenguela.

The Cretaceous-aged Ayabacas formation limestone outcrops on the northern side of Galena and lies beneath a shallowly dipping unconformity with the Miocene volcanic sequence. A limited induced polarization study carried out by Palamina is believed to have mapped the limestone contact, which outcrops on the property in proximity to Lake Lagunillas and provides some indication as to the depth of the target primary mineralized zone. The Rosa and Azul zones, where the Tacaza volcanics are shallowest and closest to the limestone contact zone, previously returned rock sample values up to 1,135 g/t Ag, 5.2 per cent Cu and 0.69 per cent Mn, and 584 g/t Ag, 7.1 per cent Cu and 0.47 per cent Mn, respectively.

Geological summary

In May of 2025, Palamina geologists collected 730 B-horizon and regolith samples for a total 1,660 soil samples analyzed using XRF. Samples were systematically collected at 100-metre (m) intervals along lines spaced 100 m apart. Company geologists prioritized areas between previous sample grids to better understand the dominant geochemical trends. Samples were sent to Certimin for preparation before pulps were analyzed using an Olympus C-series Vanta hand-held XRF device.

Samples were dried and crushed to two millimetres (mm). A 250-gram split was pulverized to 75 microns to generate a pulp. An arithmetic average of three readings was used for each sample point.

A five by 4.5 km manganese anomaly covers the area between the Rosa zone to the northeast and the Verde zone to the southwest, confirming that Galena could host blind CRD mineralization of similar scale to Berenguela and Santa Barbara. A significant silver anomaly to the west of the Gris zone remains open where further soil sampling is under way.

Palamina is carrying out further XRF soil sampling west of the silver anomaly in the Gris zone and southeast of a major regional northeast-southwest extensional fault, to cover the Azul zone and the hyperspectral anomalies identified in a remote sensing study completed by Palamina in 2024. Additional geochemical sampling and a property-wide gravity survey are planned in order to prioritize drill targets. The Galena project has never seen any drilling.

Technical note on soil sampling

All soil samples were collected by Palamina geologists and local assistants. In most cases, the B-horizon of the soil profile was targeted. Up to two kilograms of material was collected from each site, from which a 250-gram pulp was prepared. The pulp was analyzed using a portable XRF (pXRF). Each sample was analyzed three times and the arithmetic average for each element was entered into the database. This method is designed to minimize the risk of contamination and ground disturbance. Certified reference materials, blanks and field duplicates are routinely included to monitor the quality of pXRF data.

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 the vice-president of exploration at 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 and a land bank of high-grade copper-silver assets in southeastern and northeastern Peru. Palamina has 71,634,836 shares outstanding, and trades on the TSX Venture Exchange under the symbol PA and on the OTCQB under the symbol PLMNF.

We seek Safe Harbor.