Palamina Secures 100% of the Mineralized GOLD Trend at the Usicayos GOLD Project

PALAMINA SECURES 100% OF THE MINERALIZED GOLD TREND

AT THE USICAYOS GOLD PROJECT

FOR IMMEDIATE RELEASE

Toronto – June 10, 2022

Palamina Corp. (TSXV:PA - OTCQB:PLMNF) On June 9, 2022 Palamina paid US$ 44,000 to acquire

100 % of a 200 hectare titled internal concession at the Usicayos Gold Project. An additional US$ 11,000

is being held in trust to be paid on notification from the Registro Publicos that the titled claims have been

transferred and fully registered to Palamina S.A.C. (Palamina’s Peruvian subsidiary). Palamina now holds

100% title interest to 14,012 hectares at Usicayos with no underlying payments or royalties.

Over the last 3 years surrounding concessions within the principal NE mineralized gold trend totalling

another 1,600 hectares were secured through staking and won at subsequent auctions. These interior claims

are located southwest of the Veta Zone that has been tested by drilling in 2022 , are in the same structural

corridor and increases the strike length of the known cluster of surface gold mineralization held by Palamina

from 2.4 to 4.5 km’s. The entire 1.5 km wide by 4.5 km long trend is on privately held ground.

“Following the latest acquisition, Palamina now holds 100% title interest to the 1.5 km wide by 4.5 km long

NE trending cluster of gold-bearing structures defined to date at Usicayos. Newly announced gold zones

Sol de Oro, Veta Flor and Coriwasi host numerous small historic adits and gold mine sites formerly operated

by informal miners seeking free gold within the NE trending shear zone structure s. Drill pads will be

allocated to all zones under Palamina’s existing drill permit. Palamina has completed VE-05-22 and VE-

06-22 in the Veta Zone and submitted the drill core sections of interest from both holes to the assay lab and

we are awaiting results.”

The

A total of 78 samples were submitted for assay from the Sol de Oro, Coriwasi and Veta Flor gold zones.

Select high grade results for each zone are reflected in the following table:

LOCATION SAMPLE* LENGTH Au g/t

Sol de Oro Rock Chip N/A 35.53

Sol de Oro Channel 0.30 14.14

Sol de Oro Channel 0.15 12.16

Sol de Oro Channel 1.50 3.18

Sol de Oro Channel 1.00 2.65

Coriwasi Rock Chip N/A 46.18

Coriwasi Rock Chip N/A 18.57

Coriwasi Channel 0.80 16.20

Coriwasi Channel 0.50 14.25

Coriwasi Channel 0.40 11.25

Veta Flor Channel 2.00 18.91

Veta Flor Channel 1.00 16.14

Veta Flor Channel 0.50 14.89

Veta Flor Channel 1.60 13.02

Veta Flor Channel 1.50 5.30

* Top 5 select channel and rock samples for the Sol de Oro, Coriwasi

& Veta Flor Zones June 10, 2022

In 2021 Palamina completed 4 diamond drill holes over a total 1,704.50 metres along the 800 metre

mineralized gold strike length defined at surface in the Veta Zone. A six hole planned drill program was

reduced to 4 due to the advent of the rainy season in December 2021. Drill hole VE-01-2021 returned 1m

@ 1.26 g/t Au, VE-02-2021 1m @ 3.09 g/t Au (visible gold in intercept), VE -03-2021 24m @ 0.5 g/t Au

and VE-04-2021 11m @ 0.8 g/t Au (visible gold in intercept). The 2021 drill holes did not intercept high-

grade Au mineralization similar to that found at surface.

Palamina resumed drilling in May of 2022 and has completed drill holes VE-05-2022 & VE-06-2022 from

drill pad 5 in order to test the last 200m at the north east end of the 800m mineralized gold strike length

defined at surface . These holes were drilled closer to the exposed gold-bearing quartz veins and at a

shallower angle testing the continuity of mineralization i n this segment of the Veta zone. Assays are

pending.

Palamina is in process of completing the modification of its DIA (Declaración de Impacto Ambiental) in

order to drill additional gold zones southwest of the Veta Zone. Under the current DIA Palamina can build

a total of 40 drill pads with 5 drill pads completed to -date. As part of that process , Palamina recently

concluded two additional surface rights agreements covering areas where additional drill holes have been

planned southwest of the Veta Zone. These surface agreements cover the 200m hectare concession

acquisition area. Palamina is undertaking a surface mapping and sampling program on the newly acquired

concession initially focused on the historic adit and mined areas.

Technical Information

Palamina Corp. quality assurance/quality control (QA/QC) protocol is administered o n all its exploration

projects. Prior to delivery of field samples to the analytical laboratory and with the objective to provide an

independent check on precision, accuracy and contamination in the laboratory, Palamina QAQC staff insert

blank samples, fie ld duplicates and certified standards into the sample stream. To assure best practice

compliance, assay results are only reported once the results of internal QAQC procedures have been

reviewed and approved. Samples are collected and transported by Palamina personnel to the Certimin S.A

laboratory in Juliaca, Peru where they are processed and then sent for assay to the Certimin SA lab in Lima,

Peru.

The technical information herein has been reviewed and approved by J. Blackwell (P. Geo.), a Qualified

Person as defined by National Instrument 43-101. Mr. Blackwell is a technical advisor to Palamina.

About Palamina Corp.

Palamina participates in 9 district-scale gold projects in southeastern Peru in the Puno Orogenic Gold Belt

(POGB). The Company also has rights to the Galena silver-copper project in the Santa Lucia district and

two copper-gold projects in Southern Peru. Palamina holds a 19.9% equity interest in Winshear Gold Corp.

who are advancing the Gaban Gold Project to the drill discovery phase. Palamina has 65,284,836 shares

outstanding and trades on the TSX Venture Exchange under the symbol PA and on the OTCQB Venture

Market under the symbol PLMNF.

On Behalf of the Board of Directors:

Andrew Thomson, President

Phone: (416) 204-7536 or visit www.palamina.com

This news release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law. Forward-

looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”,

“may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements

are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the for ward-looking

statements throughout this news release. Forward-looking statements include, but are not limited to, the use of proceeds of the Offering and the

Company's future business plans. Forward -looking statements are based on the opinions and estimates of management at the date the

statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ

materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or

obligation, to update or revise any forward -looking statements, whether as a result of new information, future events or otherwise, except as

expressly required by applicable law. A more complete discussion of the risks and uncertainties facing the Company appear s in the Company’s

continuous disclosure filings, which are available at www.sedar.com.

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accepts responsibility for the adequacy or accuracy of this release.