Palamina WINS with Winshear US$30,000,000 Settlement

PALAMINA WINS WITH WINSHEAR US$30,000,000 SETTLEMENT

FOR IMMEDIATE RELEASE

Toronto – October 16, 2023

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

(TSXV:WINS) (“Winshear”) has received a settlement payment of US$30,000,000 from the

Tanzanian Government as compensation for the expropriation of Winshear’s SMP gold deposit in

Tanzania. Palamina holds 13,422,000 common shares and 1,321,000 warrants in Winshear

Gold Corp. ( representing a n 18.5% partially diluted share position ) and a 2% NSR on all its

projects in Peru . On September 19, 2023 Winshear announced they had reached a conditional

settlement agreement with Tanzania where the full and final settlement payment of US

$30,000,000 to settle the arbitration was received o n October 1 6, 2023. After paying funders

and legal fees the net amount payable to Winshear is estimated to be in excess of CDN

$25,250,000

Andrew Thomson President of Palamina commented: “The US$30,000,000 settlement

payment to Winshear Gold provides Winshear shareholders compensation for the

expropriation of the SMP gold deposit in Tanzania. Palamina is the largest shareholder of

Winshear Go ld holding an 18.5% partially diluted share ownership. Palamina’s Usicayos and

Winshear’s Gaban gold projects in south eastern Peru are both permitted to drill. We

congratulate Winshear and Tanzania on reaching a settlement and look forward to the drill

discovery phase ahead. Palamina holds a 2% NSR on all of Winshear’s properties in Peru.”

Winshear is now well funded to advanc e the Gaban Gold Project through the drill discovery

phase in south eastern Per u. Palamina has a drill at site at its Usicayos Gold Project where drilling

is planned in the Cayos and Sol de Oro zones.

Further details of Winshear’s Gaban Gold Project and further details on the conclusion of

arbitration proceedings can be found on Winshear’s website: www.winshear.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.