Palamina to Receive Non-Dilutive CDN$3.35M Net Payment from Winshear GOLD ON Return of Capital to Shareholders

PALAMINA TO RECEIVE NON-DILUTIVE CDN$3.35M NET PAYMENT

FROM WINSHEAR GOLD ON RETURN OF CAPITAL TO SHAREHOLDERS

FOR IMMEDIATE RELEASE

Toronto – October 26, 2023

Palamina Corp. ’s (TSXV:PA - OTCQB:PLMNF) equity/royalty partner Winshear Gold Inc.

(TSXV:WINS) (“Winshear”) has declared a return of capital of CDN$0.25 per share to Winshear

shareholders payable December 8, 2023. Palamina holds 13,422,000 common shares and

1,321,000 warrants in Winshear and a 2% NSR on all its projects in Peru . Winshear recently

received a net settlement payment from the Tanzanian Government in excess of CDN

$25,250,000 over the expropriation of Winshear’s SMP gold deposit.

“Palamina intends to exercise it’s in -the money warrants in Winshear to hold 14,743,000

shares for a net non -dilutive payout in excess of CDN$3.3 5M. Both Palamina and Winshear

are now well financed to carry out significant drill discovery programs on their flagship

Usicayos and Gaban gold projects in the Puno Orogenic Gold Belt in Peru. Both gold projects

have the potential to host multi -million ounce gold deposits.” commented Andrew Thomson ,

President of Palamina .

For f urther details o n Winshear’s Gaban Gold Project please visit www.winshear.com and

for Palamina’s Usicayos Gold Project please visit www.palamina.com

About Palamina Corp.

Palamina has participation in eight gold projects in south -eastern Peru hosted within the Puno

Orogenic Gold Belt (POGB). 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 n 18.5% equity interest on a partially diluted basis in Winshear

Gold Corp. who are advancing the Gaban Gold Project to the drill discovery phase.

Palamina has 71,284,836 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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the

TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.