Palamina Receipts $US 50,000 Advance Royalty Payment from Winshear Gold Corp.

Toronto, Ontario--(Newsfile Corp. - September 12, 2022) - Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) has received a US$50,000 Advance Royalty ("AR") payment from Winshear Gold Corp. (TSXV: WINS). The AR payment was due pursuant to a property purchase agreement signed and approved on September 19, 2019 which outlines annual AR anniversary payments and a 2% NSR royalty per project subject to terms of the purchase agreement.

Palamina currently holds 13,422,000 shares and 1,321,000 warrants representing a 19.99% partially diluted share position in Winshear. Winshear is advancing the Gaban Gold Project in south eastern Peru while also concluding a fully funded arbitration against the Tanzanian government to recover US$95.5 million (CAD$124.8 million) in damages for the expropriation of its SMP Gold Deposit in Tanzania. Winshear has secured up to US$3.3 million (CAD$4.3 million) of arbitration funding from a third party in return for a time and amount dependent share of any recovered award. The arbitration is scheduled to be concluded in 2023. Any positive settlement or payment of any judgement represents a non-dilutive financing to Winshear to the benefit of its shareholders.

Further details of Winshear's Gaban Gold Project and arbitration proceedings can be found on Winshear's website: www.winshear.com

Other Business

Palamina also wishes to announce that shareholders approved all matters put forth for approval at Palamina's annual and special shareholders' meeting held on June 29, 2022 (the "Meeting"). Shareholders approved certain amendments to the Company's stock option plan (the "Option Plan") to comply with the new TSX Venture Exchange Policy 4.4. For complete details about the amendments to the Option Plan and further information about the Meeting, please see the Management Information Circular filed under the Palamina's profile on www.sedar.com.

About Palamina Corp.

Palamina has participation in 9 gold projects in south-eastern 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 additional copper-gold projects in Southern Peru. Palamina holds an 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

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/136756

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