Palamina Corp. has received assay results for the two recently completed core holes at the Usicayos Gold Project in southeastern Peru. Holes VE-05-2022 and VE-06-2022 were completed from drill pad 5 situated approximately 120 metres northeast of hole VE-04-20021 to test the most easterly 200 metres of the Veta Zone.

Drill pad 5 was moved closer to outcropping surface mineralization. Drill hole VE-05-2022 was angled to split the difference between mineralization encountered in hole VE-04-2021 and surface. Drill hole VE-06- 2022 tested below the most easterly 200 metres of gold mineralization at surface.

A total of 2,081 metres has been completed over 6 drill holes in the Veta Zone. Gold mineralization in the Veta Zone is hosted within Middle Paleozoic grey to black mudstones and siltstone, intruded by thin sills of intrusive monzodiorite and a large, later batholith. Two periods of deformation are recognized.

Gold mineralization is hosted by swarms of variably spaced, folded, thin quartz veins that are best developed within corridors of deformed, highly strained sedimentary rocks. Visible gold is observed, associated with pyrite and minor arsenopyrite. The Veta Zone is 1 of 6 gold zones defined to date.

A total of 6 diamond drill holes were completed over a total 800 metre mineralized gold strike length defined at surface in the Veta Zone. The Veta Zone is on the eastern end of a 4.5 km long gold structure trending northeast. 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, VE-04-2021 11m @ 0.8 g/t Au, VE-05-2022 4m @ 0.67 g/t Au (visible gold in intercept) and VE-06-2022 11m @ 0.68 g/t Au.

The Company intends to carry out field work in the Cayos, Coriwasi, Vetaflor, Sol de Oro and other newly acquired zones, including detailed sampling and mapping with a view to further drill testing. Select check assays on core samples from the Veta Zone drilling is also underway. No work is being carried out in the Veta NE Zone.

The drill remains at site where the Cayos Zone is the next zone scheduled to be drilled. Palamina is in process of completing the modification of its DIA (Declaración de Impacto Ambiental) to drill the gold zones southwest of the Veta Zone. Under the current DIA Palamina can build a total of 40 drill pads where 5 drill pads have been completed to date.

Palamina Corp. quality assurance/quality control (QA/QC) protocol is implemented on all its exploration projects. Prior to delivery of samples to the analytical laboratory Palamina QAQC staff insert blank samples, field duplicates and certified standards into the sample stream with the objective to provide a check on precision, accuracy and contamination in the laboratory.

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.