Mr. Andrew Thomson of Palamina reports

PALAMINA FILES CLOSEOUT EARLY WARNING REPORT IN RESPECT OF WINSHEAR GOLD CORP.

Palamina Corp. has filed a closeout early warning report in respect of its holdings of common shares of Winshear Gold Corp. On April 25, 2025, Palamina disposed of 4,833,333 Winshear shares, representing approximately 15.38 per cent of the issued and outstanding Winshear shares, for gross proceeds of $290,000 (or six cents per Winshear share).

Immediately after giving effect to the disposition, the company no longer holds, directly or indirectly, nor exercises control or direction over, any Winshear shares. Accordingly, except as may be required under relevant securities laws, the company will no longer file insider reports or early warning reports in respect of its ownership of securities of Winshear.

This news release is being issued in accordance with National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues) in connection with the filing of an early warning report dated April 28, 2025. The early warning report respecting the disposition has been filed on SEDAR+ under Winshear's issuer profile. To obtain a copy of the early warning report filed by the company, please contact Andrew Thomson at 416-204-7536 or refer to SEDAR+ under Winshear's issuer profile.

Andrew Thomson, president and chief executive officer of Palamina, commented: "In keeping with Winshear's decision to exit Peru, we have elected to divest of our equity and wish Winshear well as they seek opportunities outside of Peru. Palamina has provided notice to Winshear that it intends to transfer back ownership of the Gaban gold and Ica copper-gold projects to Palamina. This process is ongoing and is expected to be completed by the end of July, 2025."

On May 14, 2019, Winshear purchased the Gaban gold and Ica copper-gold projects from Palamina. During its operatorship, Winshear spent a total of $4,097,709 on acquisition and exploration to include the 2024 drill program at Gaban. Palamina also received advance royalty payments of $300,930, a return of capital from Winshear of $3,625,000 in December, 2023, and $290,000 from the disposition.

About Palamina Corp.

Palamina is an exploration company with a land bank of gold projects in the Puno orogenic gold belt in southeastern Peru. Palamina is primarily focused on adding value through drill discovery at its Usicayos gold project. Palamina also has an acquire and hold strategy with copper-silver assets in southeastern and northeastern Peru. Palamina has 71,634,836 shares outstanding and trades on the TSX Venture Exchange under the symbol PA and on the OTCQB Venture Market under the symbol PLMNF.

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