Palamina’S Colt Silver Spin Out Receives Fta Environmental Permit FOR the Galena Silver Copper Project in PERU
PALAMINA’S COLT SILVER SPIN OUT RECEIVES FTA ENVIRONMENTAL
PERMIT FOR THE GALENA SILVER COPPER PROJECT IN PERU
Toronto – August 28, 2026 - Palamina Corp. (TSX.V: PA OTCQB: PLMNF) holds a 100%
interest in its Canadian subsidiary, Colt Silver Corp. (“Colt”) which through its Peruvian subsidiary, holds
a 100% interest in the Galena S ilver Copper Project. On September 24, 2026, Palamina is seeking
shareholder approval at its annual and special meeting to spin out Colt Silver Corp. as a standalone public
company. Subject to approval from Palamina shareholders and the TSX Venture Exchange, Colt is expected
to commence trading in October of 2026 on the TSX Venture exchange under the symbol COLT.
Colt has received its Ficha Técnica Ambiental (FTA) environmental approval from the Peruvian Ministry
of Energy and Mines (MINEM) for its flagship Galena Silver Copper project located in the Puno region of
Peru. The FTA authorizes the construction of up to 20 drill pads. Colt is fully funded and there are no limits
to the number of holes that may be drilled from each drill pad.
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“The Galena Silver Copper Project has never been drilled and sits at the intersection of two important
regional trends: a northeast-trending belt of Carbonate Replacement Deposits (“CRD”) and a southeast -
trending belt of porphyry copper deposits. Inaugural drilling will test the CRD potential in the areas of the
historic Santa Rosa, Gaspar and Chaparro mines. An initial 2,500m drilling program is being scheduled to
start in October of 2026.”, commented Andrew Thomson, President of Colt Silver.
Colt is well positioned with four projects in the historic Santa Lucia district. They included the Galena
(8,200 Ha), Volcano (6,812 Ha), Esperanza (60.75 Ha) and the Sora (3,600 Ha) Projects.
Colt’s Volcano Project lies between the producing Tacaza copper-silver mine and the Berenguela copper-
silver-manganese project of Aftermath Silver Ltd (“Aftermath”) (TSX.V: AAG). The Volcano concessions
also surround the historic Santa Barbara silver -copper mine. Colt’s Esperanza Project lies within
Aftermath’s Berenguela claim block and is located approximately ~500m southeast of their current resource
area. Berenguela, Santa Barbara and Colt’s Volcano, Esperanza and Galena Projects lie within the
northeast-trending belt of CRDs.
Colt’s Sora Project is contiguous to the Pinaya copper-gold Project. On April 27, 2026, Panam Copper
Corp. (“Panam”) purchased the Pinaya copper -gold project for US$11 million from Ivanhoe
Electric (“Ivanhoe”) (TSX: IE). In 2027, Panam Copper is reportedly planning to drill deep targets defined
by Ivanhoe’s Typhoon induced polarization (“IP”) study to test for a larger porphyry source at depth beneath
the current copper resource, which outcrops at surface. Pinaya and Colt’s Sora and Galena Projects lie
within the regional southeast-trending belt of porphyry copper deposits.
Qualified Person
The technical information herein has been reviewed and approved by Steve T Priesmeyer, C.P.G., a
Qualified Person as defined by National Instrument 43- 101. Mr. Pri esmeyer acts as a consultant to
Palamina.
About Palamina
Palamina is a mineral exploration company with 6 gold projects in the Puno Orogenic Gold Belt in
southeastern Peru and a separate Canadian 100% owned subsidiary, Colt Silver Corp. with seven silver
copper assets across southeastern, northeastern, and central Peru. Colt Silver Corp. is being spun out into
its own standalone public company to unlock additional shareholder value. Palamina trades on the TSX
Venture Exchange (PA) and the OTCQB (PLMNF).
On Behalf of the Board of Directors
Andrew Thomson, President
Phone: (416) 204-7536 or visit www.palamina.com
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