Palamina Corp. has restarted its drilling program at the Usicayos GoldProject in southeastern Peru post the end of the rainy season. In the first quarter of 2022, Palamina workedwith independent geological consultants and GoldSpot Discoveries to complete 3D modelling of the drillingcarried out in 2021 in the Veta Zone to optimize the position of the first drill hole VE-5-2022.

In 2021 Palamina completed 4 diamond drill holes over a total 1,704.50 metres along the 800 metremineralized gold strike length defined at surface in the Veta Zone. The Veta Zone is on the eastern end ofa 4.6 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 and VE-04-2021 11m@ 0.8 g/t Au (visible gold in intercept).

The 2021 drill holes failed to intercept high-grade Au mineralizationsimilar to that found at surface. Drill hole five is set up closer to the exposed gold-bearing quartz veins andwill be drilled at a shallower angle testing the continuity of mineralization in this segment of the zone.Palamina is in process of completing the modification of its DIA (Declaración de Impacto Ambiental) inorder to drill additional gold zones southwest of the Veta Zone. Under the current DIA Palamina can builda total of 40 drill pads where 5 drill pads have been completed to-date.

As part of that process, Palaminarecently completed two additional surface rights agreements covering areas where additional drill holeshave been planned southwest of the Veta Zone.