Palamina Comments on Winshear Gold Corp. Share Movement

Toronto, Ontario--(Newsfile Corp. - September 19, 2023) - Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) currently holds 13,422,000 common shares and 1,321,000 warrants in Winshear Gold Corp. (TSXV:WINS) representing an 18.5% partially diluted share position. In February of 2023 Winshear completed arbitration proceedings against the Tanzanian Government to recover damages for the expropriation of its SMP Gold Deposit in Tanzania. The arbitration proceedings were held at the International Centre for Settlement of Investment Disputes ("ICSID"), World Bank Group in Washington D.C. On September 18, 2023 ICSID reported on its web page: The proceeding is suspended pursuant to the parties" agreement.

Excerpt from Winshear's September 19, 2026 news release: Winshear reports that pursuant to the Company's arbitration case against the Republic of Tanzania ("Tanzania") (see Winshear news release dated July 14, 2020), the Company and Tanzania have suspended arbitration proceedings and have reached a conditional settlement agreement. There is no guarantee that the conditional settlement agreement will be concluded. The Company will report any developments as they occur.

Winshear is also advancing the Gaban Gold Project to the drill discovery phase in south eastern Peru where a drill program is planned post a settlement or judgement in their arbitration case against the government of Tanzania. Winshear has secured up to US$3.3 million (CAD$4.3 million) in arbitration funding from a third party in return for a time and amount dependent share of any recovered award. Any positive settlement or payment of 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

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 an 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/181123